Russia says it will cut oil production over Western price caps

An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, the largest facilities for oil and petroleum products in southern Russia (AP)

Russia will cut oil production by 500,000 barrels per day next month in response to the West capping the price of its crude over the war in Ukraine, deputy prime minister Alexander Novak said, according to multiple Russian news media reports.

Mr Novak said in remarks carried on the Russian TASS news agency: “As of today, we fully sell all our crude output, but as we stated before, we will not sell oil to those who directly or indirectly adhere to the ‘price ceiling’.